https://www.taxtmi.com/caselaws?id=457730 Export proceeds could not be treated as unrealised contravention on a summary attribution of fault where the collecting bank was treated as holder in due course and foreign buyer litigation had restrained payment through the banking channel. The exporter's responsibility was assessed in light of those intervening proceedings, and liability was not conclusively fastened on the exporter alone. On the same facts, the penalty for alleged failure to pursue recovery of letter of credit proceeds was found unsustainable because the adjudicating authority had ignored the surrounding dispute and the appellants' bona fide understanding of the bank's role. The impugned penalty order was set aside. en-us Fri, 13 Dec 2002 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457730 Export proceeds could not be treated as unrealised contravention on a summary attribution of fault where the collecting bank was treated as holder in due course and foreign buyer litigation had restrained payment through the banking channel. The exporter's responsibility was assessed in light of those intervening proceedings, and liability was not conclusively fastened on the exporter alone. On the same facts, the penalty for alleged failure to pursue recovery of letter of credit proceeds was found unsustainable because the adjudicating authority had ignored the surrounding dispute and the appellants' bona fide understanding of the bank's role. The impugned penalty order was set aside. Case-Laws FEMA Fri, 13 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457730